When two or more people agree on a deal and each person promises to give up something in order to get something else in return, they have created a contract. Contract lawyers focus on the legal issues surrounding contracts- like when they’re created, how they’re negotiated, and what happens if the parties involved in the contract have a disagreement. Some contract lawyers also get involved in litigation, which is when two or more people argue about what a contract actually means.
Contract law shapes many facets of everyday life, including the relationships between employees and their employers. Contracts lay out the rules for commercial transactions such as leases, mortgages, personal loans, credit card agreements and car purchases. They also dictate the terms of more intimate relationships like prenuptial or custodial agreements and divorce settlements. Business deals worth millions of dollars, like corporate mergers and acquisitions, typically rely on contract law.
